Anyone know of an income producing property for sale in Washington state?

Rob Beeman
Mortgage Broker
or Lender

Wilmington, DE

I have a client that I arranged hard money financing for on a property that was for sale, however the deal fell apart due to the inability of the seller to document the income being produced from the property. My client still wants to buy an income producing property that has at least a 1.25 DSCR. I have the source for the funding, my client has his money ready, but need to locate a deal.

Answers (5)
BethAnn Long
Agent
99223

I would refer you to an agent who specializes in this are: Joel Crosby of Tomlinson 509-535-7400, tell him I sent you!

Wed Sep 9 2009, 14:01
David Atherton
Agent
Deer Park, WA

Rob, I have a buyer who desires to purchase one of my listings. They have an RV park in Moses Lake which they would like to sell. The numbers seem pretty good, but, there is work to be done and it has to be managed. If that is something your guy thinks he can do long distance, I would be happy to send you details. My builder looked at it and we figured there was about 1500 left over after costs and debt service per month once it was maximized out. You can email me at DavidWAtherton@gmail.com if you feel that might work.

Thu Apr 2 2009, 08:20
Denise Reinders
Agent
Spokane, WA

Dear Rob,
Just in the Spokane Valley area, there are office properties, retail properties, as well as residential properties, for sale. If I had more details, I would be pleased to look into what is available that will provide the income he is looking for.
Sincerely,
Denise

Tue Mar 17 2009, 19:58
Rob Beeman
Mortgage Broker
or Lender

Wilmington, DE

1.25 DSCR is debt service credit ratio. Example: If the monthly payment on the debt is $8000, then the net income from the property needs to be $10,000 per month or more. ($10,000 divided by $8,000 = 1.25) This allows room for the monthly mortgage payment to be paid by the income from the property, in case the borrower's other income sources are not able to cover the debt.

As for property info. The client was trying to buy a mixed use property of somewhat unique nature (combination of self storage, apartments, RV rental pads). However what was most attractive to the client was the reported monthly gross income of $6,950, plus the potential for additional growth (it was on 8 acres). However, the income could not be verified. The seller was bringing $300K into the deal, the money source was supplying the balance ($500K). The property type has flexibility, however the numbers are the most important aspect.

Tue Mar 17 2009, 18:52
Don Dutton
Agent
Puyallup, WA
FIRST ANSWER

Rob - First, what is 1.25 DSCR? Second, there are thousands of income properties listed here. Give us something more specific to work with.

Tue Mar 17 2009, 16:05

Didn’t find what you were looking for? Ask a question!

Search Advice & Opinions

Ask a question

Got a real estate question? Get answers from locals, experts and real estate pros.
Ask
Email me when…

Learn more

View all » 1 - 3 of 67
Copyright © 2009 Trulia, Inc. All rights reserved.   |   Fair Housing and Equal Opportunity
Help us improve our service—send us feedback